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company reported the following in its stockholders' equity section on its December 31, 2021 balance sheet: Common stock (100,000 shares authorized, $1 par value, 60,000 shares issued) Additional paid-in capital Total contributed capital Retained earnings Treasury stock Total stockholders' equity $60,000 400,000 460,000 700,000 0 $1,160.000 During 2022, the company had the following transactions/events: a. The company reported net income of $20,000 b. The company declared a cash dividend of $4,000 on November 30, 2021 c. The date of record is December 7, 2021 d. The company paid the cash dividend on December 15, 2021 e. The company issued 8,000 shares of common stock, receiving $40,000 f. The company purchased 2,000 shares of treasury stock for $8,000 g. The company reissued 500 shares for $3,000 Provide journal entries for b through g above. If no entry is required, state this is the case.

company reported the following in its stockholders' equity section on its December 31, 2021 balance sheet: Common stock (100,000 shares authorized, $1 par value, 60,000 shares issued) Additional paid-in capital Total contributed capital Retained earnings Treasury stock Total stockholders' equity $60,000 400,000 460,000 700,000 0 $1,160.000 During 2022, the company had the following transactions/events: a. The company reported net income of $20,000 b. The company declared a cash dividend of $4,000 on November 30, 2021 c. The date of record is December 7, 2021 d. The company paid the cash dividend on December 15, 2021 e. The company issued 8,000 shares of common stock, receiving $40,000 f. The company purchased 2,000 shares of treasury stock for $8,000 g. The company reissued 500 shares for $3,000 Provide journal entries for b through g above. If no entry is required, state this is the case.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A company reported the following in its stockholders' equity section on its December 31, 2021 balance sheet: Common stock (100,000 shares authorized, $1 par value, 60,000 shares issued) Additional paid-in capital Total contributed capital Retained earnings Treasury stock Total stockholders' equity $60,000 400,000 460,000 700,000 0 $1,160,000 During 2022, the company had the following transactions/events: a. The company reported net income of $20,000 b. The company declared a cash dividend of $4,000 on November 30, 2021 c. The date of record is December 7, 2021 d. The company paid the cash dividend on December 15, 2021 e. The company issued 8,000 shares of common stock, receiving $40,000 f. The company purchased 2,000 shares of treasury stock for $8,000 g. The company reissued 500 shares for $3,000 Provide journal entries for b through g above. If no entry is required, state this is the case.
Transcribed Image Text:A company reported the following in its stockholders' equity section on its December 31, 2021 balance sheet: Common stock (100,000 shares authorized, $1 par value, 60,000 shares issued) Additional paid-in capital Total contributed capital Retained earnings Treasury stock Total stockholders' equity $60,000 400,000 460,000 700,000 0 $1,160,000 During 2022, the company had the following transactions/events: a. The company reported net income of $20,000 b. The company declared a cash dividend of $4,000 on November 30, 2021 c. The date of record is December 7, 2021 d. The company paid the cash dividend on December 15, 2021 e. The company issued 8,000 shares of common stock, receiving $40,000 f. The company purchased 2,000 shares of treasury stock for $8,000 g. The company reissued 500 shares for $3,000 Provide journal entries for b through g above. If no entry is required, state this is the case.
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